Rating action     MARC has affirmed its ratings on Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd’s (Kesturi) RM2.3 billion Sukuk Musharakah (Senior Sukuk) and RM180 million Redeemable Secured Junior Bonds (Junior Bonds) at AA-IS and A-. The ratings outlook has been revised to negative from stable. The three-notch rating differential between the Senior Sukuk and Junior Bonds reflec...

Rating action     MARC has affirmed its AA-IS rating on Leader Energy Sdn Bhd’s outstanding ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah of RM255.0 million. The rating outlook is stable. Leader Energy is the investment holding company of two solar power project companies with solar power projects in Kuala Muda, Kedah. The solar power plants have a combine...

Rating action     MARC has affirmed its MARC-1IS and A+IS ratings on George Kent (Malaysia) Berhad’s (George Kent) RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium-Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The ratings reflect George Kent’...

Rating action     MARC has affirmed its AAAIS rating on TTM Sukuk Berhad’s (TTM SPV) RM600.0 million Sukuk Murabahah, with a stable outlook.Rationale     The rating reflects MARC’s assessment of a very high likelihood of support for Trans Thailand-Malaysia (TTM), a strategically important project involving two governments through project sponsors, Petroliam Nasion...

Rating action     MARC has affirmed its AAAIS rating on Gas District Cooling (Putrajaya) Sdn Bhd’s (GDC Putrajaya) RM300 million Al-Bai’ Bithaman Ajil Islamic Debt Securities (BaIDS) with a stable outlook. The current outstanding of RM50 million BaIDS is payable on December 2, 2022.Rationale     GDC Putrajaya’s standalone credit profile is strong. Business risk ...

Rating action      MARC has affirmed its AAIS rating on BEWG (M) Sdn Bhd’s (BEWG) RM400 million Sukuk Wakalah with a stable outlook.Rationale     BEWG, a 100%-subsidiary of Hong Kong–based Beijing Enterprises Water Group Limited (BEWGL), was set up to undertake water and sewerage projects in Malaysia. In 2015, it secured the Terengganu state government’s co...

Rating action     MARC has affirmed its AAAIS rating on TNB Western Energy Berhad’s (TNB Western) outstanding sukuk of RM3.7 billion with a stable outlook.TNB Western is the funding vehicle of TNB Manjung Five Sdn Bhd, a 100% indirect-owned subsidiary of Tenaga Nasional Berhad (TNB). TNB Manjung Five operates and maintains a 1,000MW ultra-supercritical coal-fired power plant in Ma...

Rating action    MARC has affirmed its AA+IS rating on Kapar Energy Ventures Sdn Bhd’s (KEV) outstanding RM690.0 million Sukuk Ijarah with a negative outlook. KEV owns and operates the Kapar Power Station (KPS), which consists of three generating facilities with a combined nominal capacity of 2,200MW.Rationale    The affirmed rating benefits from a two-notch support...

Rating action     MARC has affirmed its AAAIS rating on TNB Northern Energy Berhad’s (TNB Northern) outstanding sukuk of RM1.35 billion with a stable outlook. Rationale     The rating is equalised to Tenaga Nasional Berhad’s (TNB) corporate credit rating of AAA/stable from MARC. The rating equalisation is based on our view on the strength of the financial com...

Rating action     MARC has affirmed its AA-IS rating on UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar 2) outstanding Green Sustainable and Responsible Investment (SRI) Sukuk of RM100.0 million. The rating outlook is stable.Rationale     In affirming the rating, we considered UiTM Solar 2’s 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) under...